26 ms·
As for the indebtedness, I was speaking about the key layers of the economy - personal/household debt[1], corporate debt and public (government) debt[2]. We've
by Revisor 16y ago
As for the indebtedness, I was speaking about the key layers of the economy - personal/household debt[1], corporate debt and public (government) debt[2].
We've grown accustomed to the debt as a regular part of our life, of how our households, businesses and whole countries work. This is very dangerous.
Regarding the unaccountability of the for-profit players, mind you, I'm pro-free-market as anyone here. But this piece of news[3] makes you rethink what happens at the highest level of the market, how the largest enterprises become uncontrollable institutions on their own.
[1] http://www.federalreserve.gov/releases/housedebt/ http://www.federalreserve.gov/releases/housedebt/
[2] http://en.wikipedia.org/wiki/File:USDebt.png http://en.wikipedia.org/wiki/File:USDebt.png
[3] http://www.rollingstone.com/politics/news/12697/64796 http://www.rollingstone.com/politics/news/12697/64796
- cynicalkane 16y agoThat third source is the Rolling Stone article everyone has seen a thousand times, wherein many perfectly ordinary market maneuvers are presented mixed in with a few instances of meso-level shady-looking deals, spiced with inflammatory rhetoric to make everything look bad. Then the whole parade of anecdotes and claims is cast as a sinister, company-wide conspiracy to deliberately profit off ruining the American economy, putting Goldman on the same level as the mythical Illuminati. Of the sources you could have chose to cite, that one isn't the best.